Aberdeen Asian Income (ticker: AAIF) was launched in December 2005 and celebrates its 20th anniversary later this month. Since its IPO, aided by modest gearing throughout, it has posted total returns of just over 9% a year, roughly a percentage point a year ahead of its regional benchmark but with less volatility. Although AAIF traded at a premium for several years following the financial crisis, the last decade has seen it mostly trade at a discount of around 10%, despite having a policy of buying back its shares when its discount exceeds 5%. At the start of 2024, the basis for the management...
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UPDATE: In early 2026, Artemis was appointed as the new management firm for the trust, replacing Aberdeen. The strategy has remained as UK Equity Income.
Murray Income (MUT) was established in 1923 and is one of the larger trusts in the UK Equity Income sector with net assets of around £1bn. It holds around 50 stocks with a quality bias and usually has a low rate of portfolio turnover. Up to 20% of net assets can be held in overseas stocks and the trust typically takes full advantage of this option. MUT has been managed by Charles Luke of abrdn since 2006 and it has a 51-year record of consec...
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abrdn UK Smaller Companies Growth (ticker: AUSC) was launched in 1993 and initially run by Edinburgh Fund Managers. In 2003, after a period of poor performance, it switched its management firm to Standard Life, which is now part of abrdn. Harry Nimmo looked after the portfolio from 2003 to his retirement at the end of 2022, building up an excellent track record of outperformance using a proprietary stock selection method dubbed The Matrix which focuses on quality, growth, and momentum factors. AUSC is now managed by Abby Glennie and Amanda Yeaman, who worked alongside Nimmo for many years and ...
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abrdn Asia Focus (ticker: AAS) was launched in 1995 to invest in Asian smaller companies and it was managed up until last year by Hugh Young. It is now led by the team of Flavia Cheong, Gabriel Sacks, and Ng Xin Yao. The trust holds around 50 stocks that it believes are well-governed, have sustainable profitability, and strong balance sheets while also being under-researched by mainstream analysts. Portfolio turnover has been on the low side at around 20% a year with AAS preferring to be a long-term partner of the businesses it invests in rather than trading in and out. The trust has returned ...
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UPDATE: A revised profile for this trust will be published on 23 September 2026.
Murray International (ticker: MYI) was founded in 1907, and it has been managed by Bruce Stout since 2004, although his involvement in the trust dates back to the early 1990s. It's the largest trust in the Global Equity Income sector with £1.8bn of assets. Murray International's portfolio differs from other global trusts with nearly half invested in Asia and Latin America where Stout and his team believe companies have stronger fundamentals and income prospects, thanks to favourable demographics and less indebted...
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